Chances are, you got your property assessment in the mail this week and you grimaced at what you saw. Whether it is up or down, people tend to fret about taxes or whether their investment is maturing.
But there are a few things we urge people to remember before sitting down to compose an irate letter to the editor.
The free market decides what your home is worth, not B.C. Assessment, which divines its numbers by looking at the sale prices of similar properties in the neighbourhood over the previous year. There might be some tea leaves and chicken entrails in there too.
And your local government sets the rate your home will be taxed at according to what will balance its budget and pay for capital needs. If taxes are higher than you’d like, our councils will welcome feedback on which services should be cut and which projects cancelled.
One of the takeaways from this year’s numbers is that they’re high — pretty much everywhere.
While homeowners may grumble about their assessments, we also must acknowledge what this means for the younger generation that is priced out of the market entirely. Affordable home ownership has for decades been one of the cornerstones of the middle class and by extension, the economy as a whole.
More than a place to hang your hat and raise a family, a home also represented equity and savings.
With that out of reach of so many, we’re troubled about what the long-term impacts may be.
